Monday, 6 March 2017

United Plantations: annual report but no Q4?

One observer drew my attention to United Plantations, they issued their annual 2016 report already (kudos for that), but strangely enough not their Q4 results.

In other words, we need to dissect the annual numbers, compare them to the Q3 numbers to arrive at the P&L Q4 numbers (the balance sheet for the Q4 is of course the same for the year).

The company did the same the year before, not issue the Q4 financial results, but until 2014 all seems normal:

Highly unusual, I cannot recall ever having seen this before, every company that I have checked issues four quarterly financial results per year. No action was taken in 2016 by the regulators, so I assume all is in order.

Other than that, UP has a pretty good track record, Aberdeen is an investor in the company.


  1. Great company like UP focuses on the long run! Kudos!

  2. Agree, high efficiency per acre, also they stay very focussed

  3. I think even Public Bank does this as do many Thai companies - very irritating if you are an analyst trying to back out the 4Q!

    1. I checked PBB, they do 4 quarterlies per year. That companies I dont follow, could very well be true.

    2. Sorry - my mistake! Yes many Thai and Indo companies don't split out 4Q

  4. FYI: NEW malaysia accounting rule addapt AR PG 175/176
    statements of the Company and the Group
    prior to recommending them for approval
    by the Board of directors. The Committee,
    in the current year, reviewed only the first
    three quarters of the unaudited quarterly
    financial results as the fourth quarter
    announcement had been dispensed with
    as approved by Bursa, the approval is on
    the condition that the full financial report
    is announced within two months from the
    close of the financial year end. The review
    was to ensure that the financial reporting
    and disclosures are in compliance with:
    i. Provisions of the Companies Act, 1965;
    ii. Listing Requirements of Bursa Malaysia
    Securities Berhad;
    iii. Applicable approved accounting
    standards in Malaysia; and
    iv. Other legal and regulatory requirements.

    1. Thanks! I noted your comment in i3investor